3M (NYSE:MMM) Sees Unusually-High Trading Volume Following Strong Earnings

Shares of 3M (NYSE:MMM) saw unusually-strong trading volume on Tuesday following a better than expected earnings announcement. Approximately 2,587,721 shares changed hands during mid-day trading, a decline of 33% from the previous session’s volume of 3,865,838 shares.The stock last traded at $148.11 and had previously closed at $141.03.

The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The company’s quarterly revenue was down 25.0% compared to the same quarter last year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MMM shares. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price target on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays reduced their price target on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Saturday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.13.

Hedge Funds Weigh In On 3M

Large investors have recently modified their holdings of the business. FSA Wealth Management LLC bought a new stake in shares of 3M in the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC raised its holdings in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. ORG Partners LLC increased its holdings in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 4.1 %

The company’s fifty day moving average price is $131.40 and its 200-day moving average price is $128.20. The stock has a market cap of $79.98 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.